January-December 2013



Activity in the fourth quarter of 2013 does not differ significantly from previous periods. The most relevant aspects were once more the reduction of exposure to developer loans and the good rate of property sales.

The area’s income statement basically includes the expected loan-loss provisions for lending to the developer sector, the effect of property sales and the repricing of foreclosed assets to market value, as well as the expenses associated with the specialized and orderly management of these assets.